I. Be sure you're ready to buy a home

• Consider all costs involved, including taxes, homeowner's insurance, private mortgage insurance (PMI), and utilities.
• Consider the responsibilities of home ownership, from mowing the lawn to maintaining the roof.

II. Determine how much you can afford

• Down payment - The part of the property purchase price paid in cash and not financed with a mortgage. One thing to consider is that the larger your down payment, the lower your monthly mortgage payments will be.
• Closing costs - Cash due at closing for expenses you and the seller pay to complete the transfer of ownership. Closing costs are typically based on the home price and vary according to location. They might include an origination fee, attorney's fee, initial escrow payments, and charges for obtaining title insurance and a survey.
• Monthly payments - When you are approved for a mortgage loan, you make a commitment to pay back the loan on a monthly basis. Your payment is based on both the principal — the amount of the loan — and interest — the amount you pay to borrow money, calculated as a percentage of the amount borrowed. It also includes money that may be held in escrow for taxes, homeowner's insurance and mortgage insurance.

III. Organize your personal information

• Check your credit report to make sure there are no errors.
• Gather documents such as financial statements and tax forms.
• Have ready the name, address and Social Security number of all applicants; contact information for your current landlord or mortgage company; a pay stub and employer information; the value of your assets; and the source of your down payment and closing costs.
• Make sure you have the social security numbers of all borrowers involved.
• You're now ready for the next step

IV. Get Pre-Approved!
Take a few minutes to call us for a pre-approval decision and your home buying experience will be easier from start to finish. Once you're pre-approved, we'll immediately fax or e-mail a pre-approval letter with your loan amount, so you can start house hunting right away. In fact, most real estate agents will ask you to get pre-approval before they show you homes. You and the agent won't waste time looking at houses that are too expensive because you'll know for sure which houses are in your range. You'll place every bid with confidence because you'll have the letter—and the financing—to back it up. All of which helps you stay more focused on finding the dream hope you can make a reality.

• Pre-approval will tell you how much home you can afford, give you the power to negotiate and even make an offer, and show sellers you're a qualified buyer
• We'll give you a pre-approval decision in as little as 20 minutes, and help you determine how much home you can afford. For more information, call 435.632.9554, or click here to get started online.
• Tip: Get Pre-Purchase Rate Protection to safeguard your interest rate from increases.
• Contact one of our experienced Mortgage Consultants at 435.632.9554 to find the right mortgage for you.

V. Find a real estate agent

• Consider special, personal needs that a real estate professional may be able to help you with. Real estate agents can specialize in a variety of areas including employee relocation, military markets, or vacation homes.

VI. Search for a home

• Search for properties online to get an idea of the homes that are available in your price range.
• Drive through areas that interest you in order to spot "For Sale" signs and to get a feel for different neighborhoods.

VII. Research areas and neighborhoods of interest

• Try visiting your preferred neighborhoods at different times of the day and at different days of the week to observe patterns of noise and traffic.
• Do online research to find statistics on neighborhoods, schools, and other demographic information important in your search for a home. Your real estate agent may have some of the information you want.

VIII. Visit selected homes

• Take your time. Carefully examine both the interior and exterior of each home you consider. You may want to visit more than once if you're seriously interested.
• Compare the prices of similar homes in the surrounding area. Your real estate agent will supply you with comparable properties.
• Tip: If the market is competitive, be prepared to act fast. A pre-approval will give you the ability to make an offer on the home you want and shows the seller you're financially able to buy the home — and that can give you an advantage over other buyers. To learn more about pre-approval, or to get started now, call an experienced ERA Mortgage Mortgage Loan Consultant: 435.632.9554.

IX. Make an offer on the home you want

• Before deciding on the amount of your offer, consider important factors such as the condition of the home, the competitiveness of the local marketplace, inspections, time restrictions and more.
• Consult with your real estate agent for professional input on determining the amount of your offer.
• Include in your offer provisions for a home inspection and an outline of the actions to be taken if problems arise.
• Tip: Always check with your real estate agent before making an offer - it may be legally binding. Working with a licensed Real Estate agent may be beneficial and make the process smoother.

X. Arrange financing

• Call your ERA Mortgage Mortgage Loan Consultant with the property address.
• Your ERA Mortgage Mortgage Loan Consultant will explain your options for rates, terms, points and other details about loan programs you may qualify for. As always, you'll get informative answers to your questions.
• Sign the necessary documents for application. Once again, your ERA Mortgage Mortgage Loan Consultant will help you every step of the way.
• Contact one of our experienced Mortgage Consultants at 435.632.9554 to find the right mortgage for you.

XI. Schedule a home inspection
Your offer should contain provisions for a home inspection by an accredited home inspector and an outline of actions to be taken if problems arise. The inspection should cover interior and exterior structural elements as well as heating/cooling, and electrical and plumbing systems. It's a good idea to be present during the inspection so you can ask questions about the property.

• Ask your real estate agent to help you find a reputable, professional home inspector, and to help schedule the inspection.
• Tip: It's a good idea to be present during the inspection. It's an ideal opportunity to ask important questions about the property.

XII. Prepare for closing

• Make sure your closing date is scheduled prior to any rate lock expirations on your mortgage loan.
• If you're also selling a home and need the cash from the sale, make sure that that closing is scheduled prior to the closing on your new home.
• Arrange for your real estate agent or an attorney to be present. That will help assure that all closing tasks are completed to your satisfaction.
• Check with your closing agent to find out the amount of certified funds - a cashier's check or money order — needed for closing.
• Make arrangements for all people needed to sign closing documents to be present. This may include your spouse or any other co-signer.
• Make arrangements at work and with childcare to be absent for 3-4 hours. (Closing normally takes an hour but you should be prepared to spend extra time in case issues arise.)
• Bring along a photo ID - your driver's license or passport, for example.
• If you haven't done so already, make sure utilities will be turned on once you take possession of your new home.

*If you have selected a property and lock between five and 60 days prior to closing.

Southern Utah Real Estate